SMT. CHANDRAKANTA JAIN,INDORE vs. THE I T O WARD- 1(4), INDORE

The present two appeals are directed at the instance of two assessees against the separate orders of the learned Commissioner of Income-Tax (Appeals)-I, Indore passed on 25th February, 2019 in the case of Smt. & 663/Ind/2019 Assessees : Smt Chandrakanta Jain & Kalpana Jain AY : 2010-11 2 Kalpana Jain and 20th February, 2019 in the case of Smt. Chandrakanta Jain, both for Assessment Year 2010-11.

The short question involved in both the appeals relates to determination of capital gain, if any, arisen to both the assessees on sale of immovable property at Talawali Chanda, Indore.

With the assistance of learned representatives, we have gone through the record carefully. It emerges out from the record that the Assessing Officer got information through AIR, i.e. Annual Information Report, exhibiting the fact that 21 persons had sold an immovable property at Talawali Chanda, Indore. He, therefore, issued notice under Section 148 of the Act in the case of Smt. Kalpana Jain. According to the Assessing Officer, the consideration has been shown at Rs.30,00,000/- in the sale deed registered on 21.10.2009, whereas the property was assessed by the Sub-